Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (A joint stock limited company incorporated in the People’s Republic of China with limited liability ) (Stock code: 0576) 2025 FIRST QUARTERLY RESULTS ANNOUNCEMENT The directors (the “Directors”) of Zhejiang Expressway Co., Ltd. (the “Company”) are pleased to announce the first quarterly results of the Company and its subsidiaries (the “Group”) for the three months ended March 31, 2025 (the “Period”). The audit committee of the Company has reviewed the quarterly results of the Group for the Period. Set out below are the Group’s unaudited condensed consolidated statement of profit or loss and other comprehensive income, unaudited condensed consolidated statement of financial position and unaudited condensed consolidated statement of cash flows for the Period together with the comparative figures for the corresponding period of 2024 :
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– 2 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the three months ended March 31, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Revenue 4,364,070 4,001,897 Including: interest income under effective interest method 611,475 565,017 Operating costs (2,459,898) (2,278,488) Gross profit 1,904,172 1,723,409 Securities investment gains 457,154 464,077 Other income and gains and losses 169,393 264,720 Administrative expenses (16,621) (23,332) Other expenses (40,087) (27,386) Impairment losses under expected credit loss model, net of reversal 3,653 2,182 Share of profit of associates 289,714 247,550 Share of profit of joint ventures 67,461 13,644 Finance costs (371,808) (472,402) Profit before tax 2,463,031 2,192,462 Income tax expense (485,332) (442,152) Profit for the Period 1,977,699 1,750,310
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– 3 – For the three months ended March 31, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Fair value gain on equity instrument investments measured at fair value through other comprehensive income 101,296 – Income tax impact relating to items that will not be reclassified subsequently to profit or loss (25,324) – Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods 75,972 – Items that may be reclassified subsequently to profit or loss: Fair value gain on debt instruments measured at fair value through other comprehensive income (236,007) 59,999 Impairment loss for debt instruments at fair value through other comprehensive income (249) 1,064 Income tax impact relating to items that may be reclassified subsequently to profit or loss 59,064 (15,266) Exchange differences on translation of financial statements of foreign operations (1,106) 481 Share of other comprehensive income of associates, net of related income tax (125,967) 59,952 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods (304,265) 106,230 Other comprehensive income for the Period, net of income tax (228,293) 106,230 Total comprehensive income for the Period 1,749,406 1,856,540
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– 4 – For the three months ended March 31, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Profit for the Period attributable to: Owners of the Company 1,479,289 1,393,689 Non-controlling interests 498,410 356,621 1,977,699 1,750,310 Total comprehensive income attributable to: Owners of the Company 1,318,627 1,472,306 Non-controlling interests 430,779 384,234 1,749,406 1,856,540 Earnings per share Basic (Rmb cents) 24.68 23.25 Diluted (Rmb cents) 24.68 22.81
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at March 31, 2025 As at December 31, 2024 Rmb’000 Rmb’000 (Unaudited) (Audited) Non-current assets 74,292,770 71,258,072 Current assets 161,692,411 145,924,295 Current liabilities 125,354,930 108,265,977 Net current assets 36,337,481 37,658,318 Total assets less current liabilities 110,630,251 108,916,390 Non-current liabilities 35,182,481 35,218,026 75,447,770 73,698,364 Capital and reserves Share capital 5,993,801 5,993,801 Reserves 41,365,779 40,047,152 Equity attributable to owners of the Company 47,359,580 46,040,953 Non-controlling interests 28,088,190 27,657,411 75,447,770 73,698,364
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– 6 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the three months ended March 31, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Net cash generated from operating activities 1,094,803 1,213,923 Net cash used in investing activities (3,892,550) (667,688) Net cash generated from (used in) financing activities 992,005 (1,982,888) Net decrease in cash and cash equivalents (1,805,742) (1,436,653) Cash and cash equivalents at beginning of the Period 20,932,480 23,830,440 Effect of foreign exchange rate changes (1,106) 481 Cash and cash equivalents at end of the Period 19,125,632 22,394,268 By order of the Board Zhejiang Expressway Co., Ltd. YUAN Yingjie Chairman Hangzhou, the PRC, April 30, 2025 As at the date of this announcement, the Chairman of the Company is Mr. YUAN Yingjie; the executive Directors of the Company are: Mr. WU Wei and Mr. LI Wei; the other non-executive Directors of the Company are: Mr. YANG Xudong, Mr. FAN Ye and Mr. HUANG Jianzhang; and the independent non-executive Directors of the Company are: Mr. PEI Ker-Wei, Ms. LEE Wai Tsang, Rosa and Mr. YU Mingyuan.